Most practitioners who choose the field of mental health do so with service in mind. Our goal is to help the world be a better place, one interaction at a time.
We also wish to have successful careers. How this is done varies based on the background, knowledge, reach and experience of the person. It's not a matter of right or wrong, rather of preference. Recently, I asked Shandra Parks, Ph.D., financial social worker with Sparks Wellness Group in Maryland, for finance-related suggestions for private practice owners. One of her tips is to "be intentional about keeping money. Having our minds, words and actions be in alignment for our money values and goals." Again, there are multiple ways to change how you're going about life as it relates to business and money. Following are a few tips I'm sharing with clinicians in practice for themselves. Work smarter, not harder We all have strengths and weaknesses. Most therapists are not equipped to run a business, let alone balance work and life. Doing what you do well and outsourcing the rest is ideal. By focusing on RGA, revenue-generating activities, you spend more time creating ways to make money versus burning time, as time is money. This will also create the income needed to cover the costs of the outsourcing. Avoid ‘shiny object syndrome'One of the things we see happening is people who follow trends. Like signing up for trainings they do not need, having no plans to use them right away and doing it simply because there's a sale or others they know are taking it. Only register for trainings, classes or conferences you know you can complete in 60 to 90 days of purchasing, no matter what. Know your worth Be confident in your ask. Don't be afraid to charge what you need in order to make a living. Do what works for you. One way to combat burnout, the need for multiple jobs, etc., is to charge a sufficient rate for services. Some therapists are self-pay only, some are insurance only and others a combination of the two. One sure way for those who are self-pay, or predominantly self-pay, to protect and keep their coins is to accept payment for services up front. This eliminates clients avoiding costs of sessions or not covering balances, as well as having slots left vacant after no-shows and late cancellations. This can be done at the time of booking, 24 hours before a session or the morning of. I do not recommend waiting until after the session. Keeping a credit card on file is not good enough anymore. People have gotten hip to that and keep cards that have no funds available or are not linked to their bank accounts. I truly hope that these tips help bless your life and your business.
First published in Black Mental Health Today, Fall 2022 (Vol. 5).